July 22, 2026
Capital expenditures around data centers drove a surge in issuance during the quarter, challenging hyperscaler-related market technicals as supply threatens to overwhelm demand. Unsurprisingly, PPM’s IGPC team was active during the quarter, investing over $2.5B across 108 securities. Year-to-date purchases have been from new and existing issuers across the esoteric ABF, traditional private, CTL and project finance spaces. We anticipate continued momentum in purchase volume into the second half of the year.
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